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17 Nov 2008 05:11:46

Electric companies could help motor industry



Electric companies could help motor industry
American electricity companies are said to be considering a move to help the troubled automaker industry in the country.

The power firms, which would ultimately benefit from a change to electric vehicles, are considering providing support for the automotive industry to develop electrical vehicles, the Wall Street Journal claims.

According to the newspaper, power companies could begin by placing orders for large amounts of electric or hybrid vehicles for their massive fleets, thereby providing support for development of the technology.

Our industry is interested in reducing carbon-dioxide emissions, and it seems like a good idea for auto makers and us to pull together," says Bill Johnson, chief executive of Progress Energy told the newspaper.

Congress is meanwhile divided on whether to "bail out" the automotive sector called by some a "dinosaur".

Senator Richard Shelby of Alabama said simply: "They're not building the right products."

Meanwhile the UK industry has made an appeal to the government for intervention to ensure flow of cheap money to the motor industry.


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